Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Thursday, 17 August 2017

Virtual Currency ? Time to get Real



Business Line ( 17 Aug ) carries a report titled :




“ Panel not in favour of legalizing virtual currencies  “



Highlights of Panel Recommendations :

·         Virtual Currencies should not be legalized
·          
·         Use of Crypto-Currencies should not be permitted in the country
·          
·         There is still not much understanding of what Crypto-currencies are and how to use them in the country
·          
·         It has been seen that these currencies are used for speculative purposes
·          
·         Crypto-currencies have been used in malware attacks
·          
·         Legalizing them could lead to their use in more such incidents
·          
·         RBI has , over the years, advised users, holders and traders of such currencies of their potential risks
·          
·         RBI has NOT given license or authorization to any entity to operate or deal with bitcoins and virtual currencies in the country
·          



None of the above-listed recommendations of the Expert Committee on Crypto-Currency ( consisting of experts from SBI / RBI / Niti Aayog and others ), could have come as a surprise to those who read my following blog :



In theEyes of the Beholder ?  ( 06  Aug  2017  )





Our Financial System is getting adjusted to :


·         Demonetization
·          
·         Benami Property Act
·          
·         Panama Papers
·          
·         SIT recommendations on Black Money
·          
·         GST
·          
·         Digital Payments through UPI
·          
·         Jan Dhan Accounts
·          
·         Linking of PAN with Aadhar
·          
·         Quoting of Aadhar while filing tax returns
·          
·         19 % more tax payers filing tax returns
·          
·         De-recognition of 1.76 lakh SHELL COMPANIES
·          
·         Flow of Rs 3 lakh*crore into banking system after Demon…etc ,
·          

At this juncture , why add to more complications by legalizing 969 varieties of Crypto-Currencies , with a global market valuation of $ 116 BILLION  ?





17  Aug  2017



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